• 10 July 2016

Rate Club - July 10, 2016

Mortgage Lending Figures Are In!

  • VIC - leading the way with 16.6% of mortgage increases
  • NSW - 12.2%
  • SA - was up 12.2% aslo
  • QLD - 4.5%
  • WA - there was a drop of 13.4% in mortgages

A great sign was that the non-majors have lifted their share to 29.1% of the market. These figures have come from AFG.

People always fix at the wrong time in response to banks advertising. From the start of the last financial year fixing was 14.5% this jumped to 20% in April and May. This was in response to the banks urging. Right before the rate drop!! Fixers lost! Take a look at my response to this weeks interest rate decision from the Reserve Bank of Australia with Phil Hill.

You watch, they will start pushing rates again soon knowing that the rates will drop yet again! I guess that is the benefit of the club. We have the time and experience with when to fix and when NOT to fix. It’s all about education and helping others with their property and their finance. Each person’s situation is different so if you have been advised to fix, I would suggest getting more information before you do. We have strong relationships with our Club approved brokers, who are ready to assist and get you the best deals. Simply contact your Property Mentor if this is you. Hope this helps you.

Regards,

Kevin Young

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